Bitcoin’s price plunged to $60,000, losing about 14% over the course of a day. According to Binance data, the sharpest decline occurred overnight: at one point Bitcoin dropped to $60,000, while ETH fell below $1,750, posting losses of around 18–20% over 24 hours. By the end of February 5, BTC recorded its deepest single-day drop since 2022 — 14.02%.
By the close of trading, BTC had rebounded above $65,000, while ETH was trading around $1,900. Total cryptocurrency market capitalization declined to approximately $2.2 trillion. Nearly all of the top 100 crypto assets posted losses of up to 25% over the past 24 hours, with the exception of Hyperliquid (HYPE), MemeCore (M), and MYX Finance (MYX), which managed to turn slightly positive.
Over the past day, around 560,000 trader positions were liquidated, totaling $2.6 billion in losses, with the majority coming from bullish bets on BTC and ETH. The Crypto Fear & Greed Index has entered the “extreme fear” zone (9 out of 100), signaling panic selling. Meanwhile, Bitcoin ETFs recorded net outflows of $434 million in a single day, while Ethereum ETFs saw outflows exceeding $80 million.
What’s next? Analysts are debating where the market bottom may be and what a potential recovery scenario could look like, taking into account the impact of Federal Reserve rate changes and overall conditions in risk asset markets. RBC Crypto reminds readers that cryptocurrencies remain highly volatile and carry a risk of losses. The news is published for informational purposes only and does not constitute investment advice.